South Dakota Novated Policies

Example Definitions of "South Dakota Novated Policies"
South Dakota Novated Policies. Those SD Policies for which: (a) the pertinent regulatory authority has stated in writing that the Policies are deemed to be transferred and assumed under this Agreement; or (b) where the written approval described in subsection (a), above, is neither provided nor required to effect the transfer and assumption, either (i) the Policyholder is deemed to have accepted the transfer and assumption under this Agreement under applicable law by paying premiums directly to Dakota Life or by taking such... other action as may be recognized under applicable state law as evidence of the Policyholder's acceptance and consent of the transfer and assumption, or (ii) the Policyholder has, following the mailing to the Policyholder of the Assumption Certificate (defined hereinafter), neither accepted nor rejected the transfer and assumption within ninety (90) days thereafter. For purposes of (i) or (ii) above, the Company and Dakota Life must mutually agree in writing that applicable law or other pertinent regulatory authority permits acceptance and consent of a Policyholder without a signed written consent and acceptance in order to be considered a South Dakota Novated Policy for purposes of this Agreement. If a Policy defined herein as a South Dakota Novated Policy is determined by law or an appropriate regulatory authority, or by judicial decision or otherwise not to be novated, such Policy shall for all purposes of this Agreement be deemed retroactive to the Effective Date to be a Recaptured Policy (defined hereinafter), subject to Section 2(c) hereof View More
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